JUNE 2017
KeepYour HomeCalifornia | Newsletter



Homeownership is the foundation for today, tomorrow and the future.

Just ask homeowners in California, who enjoy their own piece of the American dream - in Golden State style. Backyard barbecues, binge-watching on the couch, cooking gourmet meals in the kitchen or planting flowers and veggies in the garden are just some of the fun of homeownership.

But homeownership is much more than burgers on the grill or bulbs in the ground.

June is National Homeownership Month, when federal and state agencies, lenders and real estate agents educate and encourage home-shoppers to become homeowners. Homeownership is critical for building strong communities (property tax is the largest revenue source for the State of California), creating jobs, energizing the economy - and is often a good investment for homeowners over time.

Keep Your Home California has helped more than 73,000 homeowners stay in their homes, avoid foreclosure, escape negative equity, and get back on their financial feet. The free mortgage-assistance program has allowed these families to continue enjoying the benefits of homeownership.


Income Limits Update   

Effective July 1, 2017, the Keep Your Home California Income Limits will be updated to reflect changes in the Area Median Income for multiple counties. In all, thirty four (34) counties will experience a household income limit increase and no counties will experience a decrease.
 
Keep Your Home California is designed for low and moderate income homeowners. In order to qualify for assistance, applicants' household income must be below the program income limits for the county in which they live. With the recent increases, there may be homeowners who previously did not qualify for assistance who now qualify.

Following are the thirty four counties where the income limits will increase: Alameda, Butte, Colusa, Contra Costa, Del Norte, Fresno, Glenn, Humboldt, Imperial, Kern, Kings, Lake, Madera, Marin, Mariposa, Mendocino, Merced, Modoc, Napa, Orange, Plumas, San Diego, San Francisco, San Luis Obispo, San Mateo, Santa Clara, Shasta, Siskiyou, Sonoma, Sutter, Tehama, Trinity, Tulare, and Yuba.
 

Funding
(as of June 29, 2017)

Programs
  
Homeowners Assisted
Total Amount Distributed
Unemployment Mortgage Assistance
47,549      
$827,023,790.62
Principal Reduction Program
11,387       
$698,561,119.02
Mortgage Reinstatement Assistance Program
12,918      
$195,456,665.19
Reverse Mortgage Assistance Pilot Program
644
$8,200,706.21
Transition Assistance Program
1,030      
$3,664,494.94
Total Program
Funds Allocated
73,528      
$1,732,906,775.98
Recent Blog Post:

I Fell Behind on My Mortgage: How Will This Hurt My Credit?
Editor's note: Beth Kotz with Credit.com has provided a special guest blog to explain the effects mortgage delinquency and loss mitigation have on credit.

As a homeowner, your mortgage and your credit rating are inextricably linked. To make sure you maintain solid credit, the best thing you can do is make your mortgage payments on time each month.

Mortgages have a major impact on your credit rating and even have their own category on a credit report.

So if you've hit some financial bumps in the road and are unable to make your next payment, be aware that falling behind does have consequences. While one isolated incident won't set you back too far, if you're unable to pay for longer you should know how this will impact your credit and what impact loss mitigation options can have on your rating as well.

Read More
Success Story: Pam M.
'I'm very thankful for Keep Your Home California'

Homeowner Pam M. was worried that when her jobless benefits stopped, the mortgage assistance would stop as well.

But Pam soon discovered that Keep Your Home California can continue for as long as 18 months - three times more than unemployment benefits in the state.

"I thought when the unemployment stopped, the program would stop," says Pam, a bookkeeper who has been looking for a full-time position for about a year.

Pam is not alone. Many job-seekers in California are having difficulty finding employment.

But Keep Your Home California's Unemployment Mortgage Assistance Program allows Pam - and many other out-of-work homeowners - to focus on their job search rather than worry about the monthly mortgage payment. The program pays as much as $3,000 per month for up to 18 months - or a total of $54,000.

Read More
Monthly Question & Answer
Q: My spouse or Registered Domestic Partner (RDP) and I do not live together, they do not contribute financially to the household, and they are not a party to the loan on my home. Must I include them on the application for assistance?
A: Yes. California is a Community Property State. If you purchased your home while you were married, and if you are neither divorced nor legally separated, with a court ordered division of assets, your spouse, or RDP, may assert a legal interest in the property pursuant to California Family Code sections 760 et seq. If you are granted foreclosure prevention assistance from Keep Your Home California, you will be required to sign a Promissory Note and execute a Deed of Trust against the property. Because both spouses/RDPs potentially have a legal interest in the property, both will be required to participate fully in the Keep Your Home California counseling session and both will be required to provide documents and information in support of your request for assistance.
  
Water Saving Tips

Water deeply but less frequently to create healthier and stronger landscapes. Don't overwater - learn more about evapotranspiration (ET) to understand how much water your landscaping really needs.

For more tips on what you can do to save water, please visit the Save Our Water website.
To see all Servicer Scorecards, please visit the Participating Servicers webpage.
July 8, 2017
9:00am - 1:00pm
16th Annual Homeownership Fair
Los Angeles, CA
July 8, 2017
8:30am - 4:30pm
Homebuyer Education Workshop
Oxnard, CA
July 15, 2017
8:30am - 5:30pm
Homebuyer Education Workshop
Ventura, CA
July 15, 2017
10:00am - 12:00pm
Community Housing Event
Covina, CA
July 15, 2017
8:00am - 4:30pm
Homebuyer Education Workshop
Los Angeles, CA
July 19, 2017
6:00pm - 7:30pm
Home Retention Clinic
Los Angeles, CA
July 20, 2017
11:00am - 3:00pm
Veterans Resource Fair
Sacramento, CA



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www.KeepYourHomeCalifornia.org - 888.954.KEEP(5337)